The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding the website tronixrise.com, which is offering financial, investment, and crypto asset services without the necessary authorization. This announcement was made in a news release on March 19, 2025.
According to BaFin, tronixrise.com offers these services without the required license. The operator, identified only as TronixRise, provides a UK address but lacks a legal company form. BaFin noted that this site resembles others it has recently flagged, often beginning with similar promotional phrasing. In Germany, such services require BaFin authorization, which can be verified in its official company database.
The German Crypto Markets Supervision Act (KMAG), effective from December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It emphasizes market transparency, operational resilience, and compliance with European crypto regulations. The KMAG mandates that crypto service providers secure licenses and maintain robust systems to ensure transparent practices within the sector. This framework aims to support secure and compliant market operations aligned with EU standards.
Blockpit's analysis of Europe's safest licensed cryptocurrency exchanges ranks Binance first due to its regulation in multiple European countries, AES-256 encryption, and the Secure Asset Fund for Users (SAFU) program for user protection. Coinbase is ranked second for holding 98% of assets offline and being licensed by BaFin in Germany with advanced security protocols. Kraken ranks third by storing 95% of assets in cold wallets and adhering to regulations across the EU and other regions.
BaFin, the Federal Financial Supervisory Authority of Germany, oversees the stability and integrity of Germany's financial system. It supervises banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and other related entities. BaFin’s responsibilities include solvency supervision, market supervision to ensure fair and transparent conditions, and preventing misuse for money laundering or terrorist financing, according to BaFin.